Crypto Giant Upbit Discloses $37 Million Hack on Solana Network

South Korea’s biggest crypto exchange woke up to trouble early Thursday after a 4:42 a.m. breach pushed millions in Solana-based tokens out to an unknown wallet.

But instead of panic, Upbit moved fast – freezing its systems, shutting down deposits and withdrawals, and telling customers one thing that instantly mattered most: Upbit will cover the full 54 billion won loss.

A Sudden Outflow on the Solana Network

Upbit detected “abnormal withdrawal activity” involving 24 Solana-ecosystem tokens, including SOL, USDC, BONK, RENDER, ORCA, JUP, PYTH, IO and others. All were transferred to a wallet the exchange did not recognize.

CEO Oh Kyung-seok addressed users directly, saying Upbit is “prioritizing the protection of member assets” and repeating that the entire amount “will be covered by Upbit’s holdings.”

The exchange wanted users to know their balances weren’t on the line.

Systems Frozen, Assets Moved to Cold Storage

By 8:55 a.m., Upbit halted all deposits and withdrawals. The exchange then shifted assets into cold storage and launched a full review of its infrastructure.

On-chain, the team moved just as quickly. Upbit said it managed to freeze roughly 12 billion won worth of Solaire and is still tracking the remaining stolen tokens. It also confirmed it’s working with relevant projects and will cooperate with investigative authorities.

A Flashback to 2019?

The timing adds a strange twist: this hack landed almost exactly six years after Upbit’s major 2019 breach, when 342,000 ETH vanished in an attack later linked to North Korea. That older case still hangs over the exchange, especially now that the stolen ETH is worth over $1 billion.

This new incident doesn’t appear connected, but the coincidence won’t go unnoticed.

A Hack During a High-Stakes Moment

The breach also comes as Naver is reportedly preparing a multibillion-dollar stock-swap acquisition of Dunamu, Upbit’s parent company, which is a deal that could eventually set the stage for a Nasdaq listing.

A security scare at a moment like this raises the pressure, but Upbit’s decision to absorb the entire loss may help steady confidence.

Users Safe, But the Investigation Isn’t Over

For now, you can be reassured: no user funds were touched.

Upbit says services will reopen gradually once its security checks are complete. The on-chain chase continues, but the exchange is betting that quick action, transparency, and taking the full financial hit will keep trust intact.

XRP’s (XRP) newly launched exchange-traded funds (ETFs) absorbed nearly 80 million tokens on Nov. 24, sharply outperforming Solana’s recent ETF debut. The rapid inflows have pushed total assets under management (AUM) to $778 million, according to data from XRP Insights.

Key takeaways:

• Grayscale and Franklin Templeton’s XRP ETFs absorbed nearly $130 million on product launch.

• Sustained ETF inflows and not just opening demand will determine XRP’s structural advantage in price recovery.

• XRP formed a bullish flag, but it remains in a technically bearish trend below key EMAs.

XRP ETF start sparks market optimism for continued demand

Grayscale’s GXRP pulled in $67.4 million, and Franklin Templeton’s XRPZ attracted $62.6 million during its launch on Nov. 24, pushing total XRP ETF assets above $628 million on that day. Nearly 80 million XRP tokens were absorbed in 24 hours, outpacing the early inflows recorded during recent Solana’s (SOL) ETF debut and occurring against a backdrop of Bitcoin outflows.

The crypto market has turned into an ETF battleground in recent months. From Solana and XRP to HBAR and even Dogecoin, traditional finance has poured billions into newly launched crypto investment products. Yet one large community has been waiting patiently for its turn: Cardano holders. While competitors have already hit U.S. exchanges, an ADA ETF still hasn’t gone live — until now, there may finally be a timeline.

In a recent interview with Thinking Crypto, Frederik Gregaard, CEO of the Cardano Foundation, revealed that the long-awaited ADA product could be closer than many expect. He explained that while the media keeps calling them ETFs, most of the applications filed so far are technically ETPs, products structured like ETFs but backed fully by ADA and traded on regulated markets. 

He confirmed that several major asset managers have applied for ADA listings and said the industry should have “clarity within a month” once U.S. regulators return to normal operations. 

Europe and Asia Are Already Ahead

While the U.S. process drags on, Gregaard reminded viewers that Europe and parts of Asia already host multiple regulated ADA ETPs. These products give institutions exposure to ADA without holding the asset themselves.

The demand, he said, has been steady and growing, adding more pressure on U.S. regulators to push Cardano forward just as they’ve done with other altcoins.

Cardano Summit And More

The CEO also turned attention to Cardano’s rapidly expanding ecosystem ahead of the flagship Cardano Summit in Berlin. This year’s event is expected to attract 800 to 900 attendees, including major companies such as Volvo Cars, Johnson & Johnson, Boston Consulting Group, and other global players exploring blockchain for real-world use cases.

What stands out, Gregaard said, is that Cardano is being adopted in areas far beyond speculation. The foundation recently revealed that more than 100 German companies are already using agentic AI solutions built on Cardano’s infrastructure.

Dogecoin started a steady increase above $0.150 against the US Dollar. DOGE is now consolidating and might correct lower to $0.1480.

• DOGE price started a fresh increase above $0.1450 and $0.150.
• The price is trading above the $0.150 level and the 100-hourly simple moving average.
• There is a bullish trend line forming with support at $0.1490 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could aim for a fresh increase if it remains stable above $0.1480.

Dogecoin Price Holds Gains

Dogecoin price started a fresh increase after it settled above $0.1420, like Bitcoin and Ethereum. DOGE climbed above the $0.150 resistance to enter a positive zone.

The bulls were able to push the price above $0.1550. A high was formed at $0.1565 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $0.1330 swing low to the $0.1565 high.

Besides, there is a bullish trend line forming with support at $0.1490 on the hourly chart of the DOGE/USD pair. Dogecoin price is now trading above the $0.150 level and the 100-hourly simple moving average.

If there is another increase, immediate resistance on the upside is near the $0.1565 level. The first major resistance for the bulls could be near the $0.160 level. The next major resistance is near the $0.1620 level. A close above the $0.1620 resistance might send the price toward $0.1685. Any more gains might send the price toward $0.1740. The next major stop for the bulls might be $0.180.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.1565 level, it could start a downside correction. Initial support on the downside is near the $0.1510 level. The next major support is near the $0.1480 level and the trend line.

The main support sits at $0.1450 and the 50% Fib retracement level of the upward move from the $0.1330 swing low to the $0.1565 high. If there is a downside break below the $0.1450 support, the price could decline further. In the stated case, the price might slide toward the $0.1380 level or even $0.1330 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Major Support Levels – $0.1510 and $0.1480.

Major Resistance Levels – $0.1565 and $0.1600.

According to trading records and company filings, Grayscale’s new spot Dogecoin ETF — ticker GDOG — opened quietly, pulling in just $1.4 million in trading volume on its first day on NYSE Arca.

Muted Debut On NYSE Arca

Reports have disclosed that the debut fell well short of some public forecasts. Bloomberg analyst Eric Balchunas had suggested the fund might see roughly $10–12 million in opening-day volume, a target that the actual figures did not meet.

That gap has drawn quick commentary from traders and analysts, who say the launch exposure was smaller than expected for a high-profile first spot product.

Grayscale’s paperwork shows the ETF began life with holdings of about 11 million DOGE and roughly 94,700 shares outstanding, with assets under management reported at roughly $1.7 million at the time the fund started trading.

The sponsor set a management fee of 0.35%, but that charge is being waived — the fund will carry a 0% expense ratio either until it reaches $1 billion in assets or for the first three months, whichever happens first.

Market Shifts To Other Altcoins

Based on reports from market trackers, other recent altcoin ETFs saw stronger early demand, leaving GDOG’s debut looking muted by comparison.

Some XRP and Solana vehicles drew faster inflows during their openings, and that contrast has been used to explain why meme-coin exposure did not attract as much fresh cash on day one.

Traders say that where money goes now may reflect a preference for certain tokens over meme-style names in regulated wrappers. What Investors Are Watching Next

Observers note a few things to watch: whether the fee waiver helps the fund gather assets in the coming weeks, how DOGE’s market price behaves as more products list, and whether competing Dogecoin ETFs — including a product from Bitwise — change the flows.

Some analysts are watching short term creation and redemption activity and the order books around the ETF to judge real demand versus headline interest.

Dogecoin’s spot market showed mild movement after the listing, trading near $0.15 as the ETF opened. That price action suggests traders reacted but did not rush in, and it leaves the question of long-term institutional appetite open.

Based on the data so far, GDOG’s quiet first day is a clear signal that listing alone does not guarantee big capital flows.

The next few weeks — when the fee waiver is still active and competing listings arrive — will be key to see whether the fund can widen its reach or remain a subdued debut in a busy ETF calendar.

Featured image from Gemini, chart from TradingView

Bitcoin (BTC) rallied to $91,950 on Nov. 26 as data shows the market sitting at a key inflection point. Data from Capriole Investments placed Bitcoin’s production cost near $83,873, while the electrical cost, the baseline energy input for mining, sits far lower at $67,099.

Key takeaways:

• Bitcoin is currently trading just above miner production cost as profitability compresses.

• Elevated hashrate and collapsing hash prices are pushing miners toward stress thresholds.

• The dynamic NVT ratio dropped under its low band, historically bullish, but often with one final shakeout.

Bitcoin miner margins tighten as industry faces profitability stress

Currently, the BTC miner price stands at $87,979, leaving miners with a slim 4.9% margin, one of the lowest readings of the cycle. Historically, thin margins have acted as a stabilizing force rather than a stress signal. As profitability narrows, inefficient miners tend to drop off, difficulty adjusts, and the supply pressure from miners cools noticeably.

This often creates the kind of “quiet support” that Bitcoin forms during transition phases between fear-driven selling and longer-term accumulation.